Navigating EM debt in a currency driven world
By Pierre-Yves Bareau of JP Morgan Funds
We currently tend to prefer emerging markets (EM) credit and this position is based on several factors. Firstly, if we look at valuations, they are attractive, particularly relative to developed markets. Compared with their own history, EM spreads are towards the high end of the five-year range.
Technical factors are supporting EM credit as well. For example, there remains a lot of liquidity across EM markets, against the backdrop of investors seeking both yield and diversification. This is
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